Which of the following is an economic system in which the government owns all of a nation's major industries but still allows private ownership in less crucial areas?

A) Communism
B) Socialism
C) Capitalism
D) Ethnocentrism

Economic System

The organized way a country allocates its resources and distributes goods and services to its citizens, including capitalism, socialism, and communism.

Major Industries

Key sectors of the economy which are significant in terms of their output, employment, or revenue generation.

Private Ownership

refers to properties or businesses owned by individuals or corporations rather than by the government or the public sector.